The NFT craze has begun as Grimes sold $5.8 million of her artwork in a 20 minute sale. The digital artist Beeple created a 10 second clip which recently sold for $6.6 million. Logan Paul sold $5 million worth of NFTs to his fans. It's a new digital asset called NFT which is short for non-fungible token. Blockchain technology allows the artist to publicly authenticate their assets and sell to the public.
According to Forbes, in 2018, the entire NFT market was worth only $42 million. By the end of last year, the market expanded to $338 million, growing 705%.
Daniel Kim is a founder of MerchLabs which has been working with celebrities and influencers to sell branded t-shirts, digital downloads & membership sites. Over the past 10 years, they have processed $20 million dollars worth of commerce. He has developed MerchNFT.com to help social influencers and digital creators turn their digital content into an NFT collectable which they can sell to their fans.
"MerchNFT.com helps digital content owners and creators by minting their collectable NFT's onto the Ethereum network. MerchLabs has launched over 400 'tangible merch' ecommerce shops for social influencers and is now looking to provide 'digital merch' through minting NFT's," says Kim.
Celebrity portrait photographer and influencer David Christopher Lee just minted some of his most popular images into digital collectors cards which will come with a signed physical card upon purchase. The "David Christopher Lee Gold Signature Collection" includes celebrities Lady Gaga, Kim Kardashian, Brock Pierce, Khalid, Steve Aoki, and Zedd. The collection consists of 8 celebrities with 8 copies each priced at .088 Ethereum.